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News & Policy

PBGC To Provide Relief For Those Affected By Recent Terrorist Attacks

September 17, 2001

The Pension Benefit Guaranty Corporation (PBGC) today announced it will provide relief from various PBGC deadlines and other requirements for those affected by last week's terrorist attacks.

The PBGC is now working out the details of its relief package, which will include extension of deadlines and waiver of penalties. The package will be coordinated with similar relief measures being taken by other federal agencies. Specific measures will be announced as soon as possible. In the interim, pension practitioners and others with questions about particular PBGC requirements should contact the agency's Problem Resolution Officer at (202) 326-4136.

In the aftermath of last week's national tragedy, PBGC is fully aware that many of its customers may face a variety of compliance-related problems and concerns. During this difficult period, the agency will work with its customers to resolve any special issues and problems that may arise.

PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by more than 43 million American workers and retirees participating in nearly 38,000 private-sector defined benefit pension plans. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and investment returns.

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PBGC No. 01-33